REO & Short Sale

Dealing with financial hardship can be a stressful process. Our agents have the skill, experience and patience to handle any matter. Whether you’re facing a short sale or want to purchase an REO, our agents have what it takes to deliver.

What is a short sale? When an owner owes more than the house is worth and a sale is procured for less than the balance, there is a deficiency. The bank is shorted. In some cases the deficiency is waved. We typically work with attorneys who handle the legal process as we handle the sale and processing of documents. In some cases, we submit the documents directly to lenders or through Equator; always with guidance of an attorney. Read more here about short sales.

Part of the process is understanding how short sales work and managing expectations (as well as frustrations) along the way. While the process of short selling has been streamlined, it does typically take no less than 60 days in total, sometimes longer.

Who do we work with for short sales? As an active brokerage, we work with attorneys in all practice areas. While selling is a common reason for our involvement, we work with buyers seeking a ‘deal’ and are well networked to find them, often direct from lenders.

What is an REO? Do we work with them? REO or, Real Estate Owned, are properties a bank has successfully repossessed. Banks are in the business of money, not owning real estate. In most cases, banks want to sell the asset and recoup their funds. We have a great network of attorneys, banks and private lenders who have REO properties and are interested in selling.